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Choosing Between Group and Individual Health Insurance

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Choosing Between Group and Individual Health Insurance

Choosing Between Group and Individual Health Insurance

Another choice you have to make is that between group health insurance and individual health insurance plans. Whenever you are making a choice between the two, you need to have an in depth understanding about both these options open to you.

Group health insurance policies

Group health insurance is something you get either as an employee or as the family member of an employee. You might also consider it if you are a member of a professional group that offers this insurance. You can also set up a group health insurance plan for yourself, if you are the owner of a concern that has at least 2 employees.

Once a year, during open enrollment, your employer will allow you to change the plan you are under. Typically, an employee who has just joined the concern will need to wait a few days before he becomes eligible for group cover. You can add dependants once a year, if it is not your spouse or a newborn.

One of the advantages of a group health insurance plan is that they are usually ‘guaranteed issue’. This means that the carrier cannot deny covers to a person eligible for it, even if he has a health condition. For this reason, small groups may have to pay a high cost for a group health insurance plan.

Individual health insurance policies

Individual health insurance becomes an option for you when you do not have insurance offered by your company or if you are self employed. There are a number of options available in this insurance also. This may be confusing for you if you are not aware of your requirements.

Another basic difference between group and individual health insurance is that under the latter, you have to go through a number of eligibilities including a health checkup and exclusions under pre existing conditions. Also, the regulations and eligibilities that a health insurance company imposes on you will depend on the regulations prevalent in your state. For this reason, the conditions might vary from state to state. Usually, there are certain health conditions or pre existing diseases that might prevent you from getting an individual health insurance of your choice. In other instances, you might succeed in getting a plan, but the insurance company might exclude you from availing of certain benefits. This may be the result of a pre existing condition you have.

Whatever the reason, it is always better to have an idea about the regulations present in your state. That way, you can be aware of what to expect when you are going to buy an individual health insurance for yourself.

Selecting a health insurance plan may appear to be confusing at first. However, with the right kind of information on hand, you can still get the one that is just right for you.

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